Ferrowolf's Den of Trading

Still building my humble Den, so please bear with me, it'll be done soon! =)

GBPJPY trade taken 22nd Oct

Traded into the news, something I usually try not to do.
But 2 main factors kept me in the trade.
Firstly, there was a break of a major resistance level, but it couldn’t hold. Big players were selling it down. They probably know something about the results later and were taking out the short stops?
Whatever the case be, there were big sellers involved, so I want to be sitting in their camp when the news comes out.
Secondly, I had a 30pips profit buffer, meaning I probably could survive any spikes comfortably.
So I decided to stay in the trade with a limit order to get out at +60pips.
When price started moving, the move was HUGE.
I wasn’t able to cancel my limit order in time.
So that’s +60pips, 2R trade.
Explainations on the charts.

GBPJPY trade taken 22nd Oct

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October 22, 2009 - Posted by | Uncategorized | ,

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